Deciding between MM IB and BB ER to eventually break into L/S or Credit HF

Basically I haven't been doing too hot in IB recruiting so far. I have decent previous ER experience, I'm going to be interning at a small value mutual fund this summer, and I have a very well developed pitch as well which I'd send out while networking. I feel like I'd be fairly competitive for BB ER given my previous ER experience if I start networking hard, but I'd be looking at probably MM for IB, maybe top MM, and almost definitely in a regional office.

I'm trying to do SA, 2 years, then jump to a HF. I think my chances of that by going to top SS ER are higher than that of going through MM IB. I'd be fine with L/S, and that's what my background is in, but I'd rather do distressed/ special situations/ event driven. I like the optionality of IBD in that it would allow me to go into distressed/ whatever and PE if that's appealing, but I'm not sure if that's possible from regional MM.

Is my thought process sound? What would you guys recommend me do or focus my efforts?

Comments (9)

May 7, 2018

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You're welcome.

May 9, 2018

Bump

May 12, 2018

Bump

May 12, 2018

I would choose MM IB if you have a chance. The industry is facing a lot of headwinds. Buyside prefers bankers, even MM bankers, over ER guys. Comp is declining in ER every year, and now MiFID is hitting. Dont worry about brand name, IB professionals across the board have amazing oppotunities. Happy to discuss in more detail.

    • 1
May 13, 2018

Really? Let's say BAML ER vs say Piper Jaffray SF, you'd still choose Piper?

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May 13, 2018

Yeah.. I'm pretty sure a top ranked ER platform beats out some random MM bank for exit opps every time.

May 13, 2018
princepieman:

Yeah.. I'm pretty sure a top ranked ER platform beats out some random MM bank for exit opps every time.

My experience is based on other BB ER professionals at my bank losing out to HF offers to MM IB guys, so that is what I would say. Sure if youre working for the #1 II guy who is also at JPM/MS/BAML/Bernstein/ISI then you will prob have an advantage. But that cohort is ~50 associates so not really representative.

    • 1
May 12, 2018

Mm IBD, sellside ER is a total shit hole right now.

    • 1
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May 14, 2018
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